The Conehead Company purchased an investment property on 1 January 2013 for a cost P220,000. The property had a useful life of 40 years and at 31 December 2015 had a fair value of P300,000. On 1 January 2016 the property was sold for net proceed of P290,000.Conehead uses the cost model to account for investment properties.

What is the gain or loss to be recognized in profit or loss for the year ended 31 December 2016 regarding the disposal of the property?